Feature Reports

Egypt Banks restricts clients use of Debit Cards

Series 01 Episode 2016-07-07 - 07.07.2016

In a new and sudden decision to many Egyptians, banks have again increased the restrictions on people using their Debit cards while purchasing or withdrawing money overseas.
The Central Bank’s governor Tarek Amr denied the decision, and added that it was only a warning to the Banks that many clients were using it illegally in order to obtain foreign currency in large sums of money.
Due to the economic crisis in Egypt, most of the banks have restricted the amount of money withdrawal, depending on which bank the client is dealing with.
Because many people use it as a mean to purchase foreign currency abroad with cheaper prices, not for work, leisure, or travel.
Reuters mentioned in an earlier statement, that credit cards will work as usual, however, debit cards will not continue to operate as Egypt is facing a crisis of foreign currency.
Amr added that some people are only using debit cards to obtain money overseas so they purchase items with millions while taking privilege of the lower dollar rate in Egypt’s banks.
More restrictions are expected in the coming period due to the depletion of foreign currency.

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